financetom
Economy
financetom
/
Economy
/
Karnataka government incurs Rs 150 crore loss due to liquor ban during state elections: Report
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Karnataka government incurs Rs 150 crore loss due to liquor ban during state elections: Report
May 12, 2023 5:26 AM

The Karnataka Government has incurred a significant loss of nearly Rs 150 crore due to the two-day ban on liquor sales during the state elections, according to reports. Furthermore, May 13, the day votes will be counted, has also been declared a dry day for Karnataka.

Share Market Live

NSE

The dry days commenced at 5 pm on May 8 and extended until midnight on May 10, just before polling day. Throughout this period, all establishments including shops, bars and restaurants serving alcohol remained closed.

ALSO READ | Madhya Pradesh govt passes new liquor policy, shuts 'ahatas' and shop bars

Considering the closure of bars and wine shops across the state for two days, a daily income loss ranging from Rs 80 to Rs 90 crore was suffered by the 12,500 liquor shops. Moreover, bars that typically earn around Rs 1.5 lakh per day each experienced financial setbacks, as stated in a TV9 Kannada report.

Consequently, the government exchequer's overall estimated loss is around Rs 150 crore over the three-day period of the liquor ban.

Additionally, due to the counting day ban lasting from 6 am on May 13 to 6 am on May 14, liquor shops and bars will face further financial losses.

ALSO READ | Ahead of Karnataka election results 2023, a look at what BJP, Congress and JDS are up to

On May 2, orders were issued to ban alcohol sales for three days to ensure the smooth conduct of the elections. The restrictions even encompassed the service of liquor at events such as weddings and parties.

Initially, restaurants serving alcohol were also prohibited from providing home delivery or takeaway services on dry days. However, the Bengaluru Police subsequently amended their order, allowing the sale of food in restaurants while restricting the sale of liquor.

Voting for the 224-member Karnataka assembly concluded on May 10. This year's election witnessed a closely fought battle between the Bharatiya Janata Party, the Congress and the Janata Dal (Secular). Now, all attention turns to May 13 for the announcement of results.

ALSO READ | Karnataka election exit polls 2023: Congress confident of securing majority, CM Bommai says predictions not 100% correct

The campaign stage of the elections saw a tense contest between the ruling BJP and its rival, the Congress party, with the JD(S) also conducting an energetic campaign led by former Chief Minister HD Kumaraswamy. Several exit polls have already made predictions of a potentially indecisive outcome.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
EXCLUSIVE: Was Fed's Decision To Keep Rates Steady The Right Move? 72% Say...
EXCLUSIVE: Was Fed's Decision To Keep Rates Steady The Right Move? 72% Say...
Jan 31, 2025
A new Benzinga reader poll asks whether the Federal Reserve made the right call by keeping interest rates steady Wednesday, or if further cuts were needed. What Happened: After cutting rates three straight times to end 2024, the Fed kept the federal funds rate steady in January at 4.25% to 4.5%. The decision to keep rates steady came after the...
Fed's Bowman Calls for Gradual Approach to Policy Adjustment Amid Upside Inflation Risks
Fed's Bowman Calls for Gradual Approach to Policy Adjustment Amid Upside Inflation Risks
Jan 31, 2025
01:12 PM EST, 01/31/2025 (MT Newswires) -- The Federal Reserve should take a cautious and gradual approach to adjusting monetary policy amid upside risks to inflation, Governor Michelle Bowman said Friday. On Wednesday, the central bank's Federal Open Market Committee decided to leave its benchmark lending rate unchanged at 4.25% to 4.50% following three straight cuts, saying that inflation remained...
Daily Roundup of Key US Economic Data for Jan. 31
Daily Roundup of Key US Economic Data for Jan. 31
Jan 31, 2025
02:08 PM EST, 01/31/2025 (MT Newswires) -- Personal income was up 0.4% in December, as expected, lifted by a 0.4% gain in wage and salaries and increases in the other income categories. Personal consumption expenditures increased 0.7% in December after a 0.6% gain in November with solid gains in both goods and services spending. After an adjustment for a 0.3%...
US inflation increases in December; consumer spending robust
US inflation increases in December; consumer spending robust
Jan 31, 2025
WASHINGTON (Reuters) - U.S. inflation increased by the most in eight months in December amid robust consumer spending on goods and services, suggesting the Federal Reserve would probably be in no hurry to resume cutting interest rates soon. While the report from the Commerce Department on Friday showed a modest gain in prices excluding the volatile food and energy components...
Copyright 2023-2026 - www.financetom.com All Rights Reserved